The need for trusted advisers to look after the financial advice needs of everyday Australians is best served by retaining Chartered Accountants in the financial advice industry and we will continue our efforts to support this.
Any exodus of CAs is likely to significantly reduce the overall level of training and expertise in the industry and be contrary to the overall objectives of the new legislation.
To this end, Chartered Accountants Australia New Zealand lodged a submission with the Accounting Professional & Ethical Standards Board Limited on 16 March 2020 with our comments on the Consultation Paper (CP 01/19): Review of APES 230 Financial Planning Services.
Any additional regulation adds to costs for our members, and these costs often need to be passed on to consumers. This can lead to fewer consumers being able to afford it when the government has acknowledged that more consumers actually need it.
APES 230 Financial Planning Services (APES 230) must help remove the need for multiple licences, registrations, regulators and associated levies. We need to reduce the costs of providing financial advice and develop a framework that encourages consumers to seek affordable quality advice (increase financial literacy) that helps improve their financial well-being.